Finance
Generali interested in replacing AXA as monte dei paschi partner, widening UniCredit deals, CEO says
Published by Global Banking & Finance Review®
Posted on March 12, 2026
3 min readLast updated: March 12, 2026
Quick Summary
Generali CEO Philippe Donnet confirmed interest in replacing AXA as Monte dei Paschi di Siena’s long‑term partner when the AXA deal expires in 2027, and signaled openness to expanding commercial ties with UniCredit amid evolving industry dynamics.
Generali Considers Monte dei Paschi Partnership and UniCredit Expansion
Generali's Strategic Moves in the Italian Banking and Finance Sector
By Gianluca Semeraro
Interest in Monte dei Paschi di Siena Partnership
MILAN, March 12 (Reuters) - Top Italian insurer Assicurazioni Generali is interested in replacing French peer AXA as a partner for Monte dei Paschi di Siena and in expanding commercial deals with UniCredit, its chief executive said.
Speaking to reporters after Generali released full-year results on Thursday, CEO Philippe Donnet said the insurer "would be happy" to help MPS manage the savings of its customers on its home turf.
Background on the MPS–AXA Partnership
MPS's partnership with AXA expires in 2027, and CEO Luigi Lovaglio has repeatedly indicated that Generali could serve as an alternative.
"With the MPS–AXA partnership, Italian savings go to AXA, which sold its asset management business to BNP Paribas, so those savings are managed in France," Donnet said.
"If we can help bring Italian savings back to Italy we'll be happy to do so."
Challenges in European Savings Management
Donnet's comments underscore a U-turn from his earlier efforts to build a pan‑European asset management champion by merging Generali's business with BPCE-owned Natixis.
They also highlight the challenge facing Europe's savings management industry, where consolidation trends often clash with nationalistic defences of domestic savings.
Failed Natixis Deal and Shareholder Influence
Donnet dropped the Natixis deal due to opposition from Italy's government and from key Generali shareholders Francesco Gaetano Caltagirone and the Del Vecchio family's Delfin investment vehicle.
Caltagirone and Delfin have tightened their grip on Generali after backing MPS's takeover of merchant bank Mediobanca, the insurer's largest investor.
Leadership Uncertainty and Legal Probes
Barring last minute surprises, MPS CEO Lovaglio appears set to leave his post in April, adding uncertainty to the future of Generali, which is regarded as a strategic financial asset for Italy.
Milan prosecutors are probing allegations that Delfin and Caltagirone have acted in coordination since 2019 to gain control of Mediobanca and Generali without properly disclosing their plans. All parties deny wrongdoing.
Expansion of UniCredit Partnership
In separate remarks, Donnet said on Thursday that Generali's partnership with UniCredit in central and eastern Europe was working well.
"If there is a chance to widen the commercial partnership with UniCredit we're obviously open," he said.
UniCredit has built a stake in Generali, and CEO Andrea Orcel has said he is "observing" the situation at the insurer.
(Reporting by Gianluca Semeraro; Writing by Valentina Za; editing by Gavin Jones)
Key Takeaways
- •Generali eyes replacing AXA in MPS bancassurance partnership set to expire in 2027, aiming to bring Italian savings back home (en.wikipedia.org)
- •The BPCE/Natixis asset‑management venture effort was dropped amid political and shareholder resistance, reinforcing Generali’s pivot to domestic alliances (uk.finance.yahoo.com)
- •Generali is open to broadening its successful UniCredit cooperation in central and eastern Europe; UniCredit holds a ~4 % stake in Generali and plays an increasing role in Italian financial consolidation (euronews.com)
References
Frequently Asked Questions about Generali interested in replacing AXA as Monte dei Paschi partner, widening UniCredit deals, CEO says
1Why is Generali interested in replacing AXA as Monte dei Paschi partner?
Generali sees an opportunity to manage Italian savings domestically and strengthen its strategic positioning as AXA's partnership with MPS is set to expire in 2027.
2What is the status of Generali's partnership with UniCredit?
Generali's partnership with UniCredit in central and eastern Europe is working well, and the insurer is open to expanding commercial cooperation.
3What challenges does Italy's savings management industry face?
Italy's savings management industry faces consolidation trends and nationalistic efforts to keep domestic savings managed locally.
4Why was the Generali-Natixis merger dropped?
The proposed Generali-Natixis merger was abandoned due to opposition from the Italian government and major Generali shareholders.
5What impact could leadership changes at Monte dei Paschi have?
The expected departure of MPS CEO Luigi Lovaglio could add uncertainty to the future of Generali's involvement and Italy's strategic financial sector.